Consumption of fossil fuels results in greenhouse gas emissions that contribute to global warming. BP (formerly British Petroleum) is one of the world's ten largest oil companies. BP made a commitment in 2020 to transform its business away from fossil fuels and toward renewable forms of energy. BP is now committed to have a net zero level of carbon emissions by 2050. Although other oil companies have also made commitments to shrink greenhouse gas emissions, BP's plan goes much further than that of any of its competitors a) Left to its own devices, will a supply-and-demand-based market system (with no corrective taxes or regulations) result in the socially optimal pricing and production of fossil fuels? If so, explain why. If not, explain what goes wrong with prices and output of fossil fuelsT (7 points) b) What criteria would Milton Friedman have used to evaluate BP's decision? Would he have supported it? Explain. (4 points) c) Explain how an economist such as Oliver Hart or Michael Porter would assess BP's decision? (4 points)